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Forecasting

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Forecasting is not to clear to me, how do I get started?
Given the following data on hotel check-ins for a 6-month period:

Month Number of rooms
July 70
August 105
September 90
October 120
November 110
December 115

a. What is the 3-month moving average for January?

b. What is the 5-month moving average for January?

9. Recent actual and forecasted data for product XYZ is given in the following table.

Month Actual Demand 3-month Forecasted Demand
May 35 25
June 31 30
July 48 33
August 41 38

Determine the MSE, MAD, cumulative error and average error.

10. The following table summarizes data between money spent on gambling and winnings for Robert.

Money Spent Money Won
x y
12 62
10 54
16 86
18 100
15 80
10 57
5 26
12 60
22 105
25 140

Develop a linear regression equation for these data and forecast how much money Robert will win if he spends $30.

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Solution Summary

The solution contains several forecasting problems using moving average method and regression analysis.

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